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Litigation by shareholders and directors: an empirical study of the Australian statutory derivative action

Saunders, Benjamin B. and Ramsay, Ian M. 2006, Litigation by shareholders and directors: an empirical study of the Australian statutory derivative action, Journal of corporate law studies, vol. 6, no. 2, pp. 397-446, doi: 10.1080/14735970.2006.11419957.

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Title Litigation by shareholders and directors: an empirical study of the Australian statutory derivative action
Author(s) Saunders, Benjamin B.
Ramsay, Ian M.
Journal name Journal of corporate law studies
Volume number 6
Issue number 2
Start page 397
End page 446
Total pages 50
Publisher Taylor & Francis
Place of publication London, Eng.
Publication date 2006-10
ISSN 1473-5970
Summary A number of countries have statutory derivative actions. They allow a shareholder to bring legal action on behalf of the company, typically where the company refuses or is unable to bring the action. The Australian derivative action was enacted in March 2000 to overcome inadequacies with the common law derivative action. In this article the authors present the results of an empirical study of all cases decided under the Australian statutory derivative action during its first 6 years of operation. The study provides insights into the way Australian courts have interpreted and applied this legal remedy. The authors evaluate the statutory derivative action in light of the reasons for its enactment. Issues discussed in the article include the role of shareholder litigation in corporate governance and the rationale for statutory derivative actions.
Language eng
DOI 10.1080/14735970.2006.11419957
Field of Research 180109 Corporations and Associations Law
Socio Economic Objective 940404 Law Enforcement
HERDC Research category C1.1 Refereed article in a scholarly journal
Copyright notice ©2006, Taylor & Francis
Persistent URL http://hdl.handle.net/10536/DRO/DU:30085904

Document type: Journal Article
Collection: Law
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